In a notification sent to the bourse on Thursday, Netsol announced the merging of its joint venture subsidiary company – NetSol Innovation (Pvt) Limited, into the parent company – NetSol Technologies Limited.
NetSol Technologies Limited, which is one of the biggest software/IT outsourcing companies in the country announced that as result of the change of ownership of their joint venture partner company in the UK and major shift in the new owners’ business strategy, its operating and net margins became unfeasible for the operation to continue in the current setup.
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Therefore, the board made a decision to merge the services into the platform of NetSol Technologies Limited from August 1, 2018. As a result, the subsidiary company’s business operations would be closed by the end of July 2018.
The Company believes that there would be no negative impact of this transition on the overall business, operations and cash flows of the Company NetSol Technologies Limited (the Company)’s subsidiary “NetSol Innovation (Pvt) Limited” is currently engaged in providing outsourcing services.”
Lahore-based software giant has had a great year. Latest financial results (unconsolidated) released to the PSX today showed that NetSol Technologies reported a consolidated after-tax profit of Rs. 1.22 billion, up by a massive 270.82% for the nine months that ended on March 31st, 2018, as compared to a profit of just Rs. 329 million in the same period last year.
Netsol’s script at the bourse closed at Rs 114.80, up by 1.78% with a turnover of 552,500 shares on Friday
NetSol is also listed on the National Association of Securities Dealers Automated Quotations (Nasdaq).
NETSOL Technologies, Inc. (NASDAQ:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. It is regarded as one of the most successful software development firms emanating from Pakistan.
